“Over the past year, Takeda has expanded its collaborations in the
Oncology space with the aim of accessing highly-innovative platforms to
target specific tumor antigens using novel payloads and modality
approaches,” said Christopher Arendt, Ph.D., Head, Oncology DDU &
Immunology Unit, Takeda. “In fact, we had already been working with the
Molecular Templates team on a program that we have the option to
in-license. The announcement of today’s collaboration with Molecular
Templates allows us to extend this partnership and leverage their
potentially groundbreaking approach to address additional tumors types,
including solid tumors. The Molecular Templates team is outstanding, and
we look forward to expanding our partnership.”

Under the terms of the agreement, Takeda will make an equity investment
and Molecular Templates is eligible to receive upfront payments,
development and commercial milestone payments, Takeda has agreed to
royalties on the sales of commercial products developed through the
collaboration. Under the agreement, Takeda will also appoint a Director
to Molecular Templates’ board of directors.

Takeda will have the right to exercise exclusive options to obtain
license rights to products resulting from the collaboration. Molecular
Templates would be responsible for manufacturing and supply of products
licensed for development by Takeda through Phase I clinical development.
Additional terms of the agreement are not being disclosed.

Takeda signed this agreement through its wholly owned subsidiary,
Millennium Pharmaceuticals, Inc.

About Molecular Templates

Molecular Templates is focused on the discovery, development and
commercialization of next-generation immunotoxins called Engineered
Toxin Bodies (ETBs) for the treatment of cancers and other serious
diseases. For additional information, please visit the Company's website
at www.mtem.com.

About Takeda Pharmaceutical Company

Takeda Pharmaceutical Company Limited is a global, research and
development-driven pharmaceutical company committed to bringing better
health and a brighter future to patients by translating science into
life-changing medicines. Takeda focuses its R＆D efforts on oncology,
gastroenterology and central nervous system therapeutic areas plus
vaccines. Takeda conducts R＆D both internally and with partners to stay
at the leading edge of innovation. New innovative products, especially
in oncology and gastroenterology, as well as Takeda’s presence in
Emerging Markets, are currently fueling the growth of Takeda. More than
30,000 Takeda employees are committed to improving quality of life for
patients, working with Takeda’s partners in health care in more than 70
countries. For more information, visit www.takeda.com/news.

Takeda’s Forward-Looking Statements

This press release contains “forward-looking statements.”
Forward-looking statements include all statements other than statements
of historical fact, including plans, strategies and expectations for the
future, statements regarding the expected timing of filings and
approvals relating to the transaction, the expected timing of the
completion of the transaction, the ability to complete the transaction
or to satisfy the various closing conditions, future revenues and
profitability from or growth or any assumptions underlying any of the
foregoing. Statements made in the future tense, and words such as
“anticipate,” “expect,” “project,” “continue,” “believe,” “plan,”
“estimate,” “pro forma,” “intend,” “potential,” “target,” “forecast,”
“guidance,” “outlook,” “seek,” “assume,” “will,” “may,” “should,” and
similar expressions are intended to qualify as forward-looking
statements. Forward-looking statements are based on estimates and
assumptions made by management that are believed to be reasonable,
though they are inherently uncertain and difficult to predict. Investors
and security holders are cautioned not to place undue reliance on these
forward-looking statements.

Forward-looking statements involve risks and uncertainties that could
cause actual results or experience to differ materially from that
expressed or implied by the forward-looking statements. Some of these
risks and uncertainties include, but are not limited to: required
regulatory approvals for the transaction may not be obtained in a timely
manner, if at all; the conditions to closing of the transaction may not
be satisfied; competitive pressures and developments; applicable laws
and regulations; the success or failure of product development programs;
actions of regulatory authorities and the timing thereof; changes in
exchange rates; and claims or concerns regarding the safety or efficacy
of marketed products or product candidates in development. The
forward-looking statements contained in this press release speak only as
of the date of this press release, and neither Molecular Templates nor
Takeda undertake any obligation to revise or update any forward-looking
statements to reflect new information, future events or circumstances
after the date of the forward-looking statement. If one or more of these
statements is updated or corrected, investors and others should not
conclude that additional updates or corrections will be made.

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